The New Jersey Economic Development Authority (NJEDA) has announced that applications for Phase II of the Atlantic City Revitalization Grant Program will open on February 7, 2025, at 10:00 a.m. This initiative is designed to mitigate the adverse effects of COVID-19 by funding capital projects that enhance various aspects of Atlantic City.
According to NJEDA, the program "will support up to 50 percent of costs (hard and soft) of capital projects located within Atlantic City." Eligible projects must involve renovating a building owned by the applicant or one under a fully executed sale agreement. The grant awards will range from $250,000 to $2.5 million.
The program targets several local impact considerations such as small business efforts, clean and safe efforts, food insecurity efforts, downtown vitality efforts, or job and office space creation. Only experienced for-profit or non-profit entities responsible for overseeing real estate development projects can apply. Real estate holding companies are not eligible.
Applicants must demonstrate that they have secured the remaining funds necessary to complete their projects at the time of application. Additionally, all projects need to be completed by December 18, 2026.
